3 Income-generating expenses are assumed to be around 25% of gross rental income.
account for income-generating expenses.

4 Stamp duty is levied on property lease agreements progressive rates. Different rates
apply depending on the duration of the lease.

STAMP DUTY ON LEASES FOR LESS THAN 20 YEARS

ANNUAL RENT, ECD (US$)

TAX RATE

Up to 3,000 (US$ 1,111 )

2%

3,000 - 6000 (US$ 2,222 )

4%

6,000 - 12,000 (US$ 4,444 )

6%

Over 12,000 (US$ 4,444 )

8%

STAMP DUTY ON LEASES FOR OVER 20 YEARS

ANNUAL RENT, ECD (US$)

TAX RATE

Up to 3,000 (US$ 1,111 )

4%

3,000 - 6000 (US$ 2,222 )

6%

6,000 - 12,000 (US$ 4,444 )

8%

Over 12,000 (US$ 4,444 )

10%

5 Rental income is subject to income tax at progressive rates.

INCOME TAX 2015

TAXABLE INCOME, TRY(€)

TAX RATE

Up to 10,000 (US$ 3,704 )

10%

10,000 - 20,000 (US$ 7,407 )

15% on band over US$ 3,704

20,000 - 30,000 (US$ 11,111 )

20% on band over US$ 7,407

Over 30,000 (US$ 11,111 )

30% on all income over US$ 11,111

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